Atrys Health (ATRY) Q3 2025 earnings summary

Executive summary

• Achieved 8.2% year-to-date revenue growth for the first nine months of 2025, reaching €168.4 million, driven by strong positions in Oncology and Diagnostics.

• Divested Occupational Health & Prevention division (ASPY) for €145 million, positioning as a pure-play Oncology and Diagnostics company and enhancing financial flexibility.

• Medical Oncology delivered outstanding results: +21.6% revenue growth in Spain and +63% in Mexico, supported by new center openings and robust demand.

• Inaugurated the Institute of Advanced Oncology (IOA) Madrid and opened new oncology centers in Mexico.

Financial highlights

• Revenue reached €168.4M in 9M25, up 8.2% year-over-year; Oncology division revenue grew 21.2%, Diagnostics up 5.9%.

• Gross margin declined to 62.5% from 66.0% in 9M24, mainly due to higher growth in lower-margin areas and increased treatment costs.

• Adjusted EBITDA fell 10.5% to €27.9M, primarily due to a sharp drop in R&D grant income; excluding this, Adjusted EBITDA would have risen 3.5%.

• Adjusted Operating Cash Flow decreased 20.2% to €18.5M, but would have increased 15.2% excluding lower R&D grants and higher expansion CAPEX.

• CAPEX rose 17.7% to €9.3M, driven by expansion projects in Madrid and Mexico.

Outlook and guidance

• Strategic focus on Oncology and Diagnostics expected to accelerate organic revenue growth and improve ROIC.

• Pro forma organic growth in LTM turnover is expected to rise to 13.4% after the ASPY divestment.

• Anticipates further international expansion and margin normalization in core segments, especially in Latin America.

• Investors Day planned for Q1 2026 to present future growth strategy.